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May 2014 Savings and other stuff

Prior to my trip away, I was given as usual a shopping list by my family to buy things that they can’t get over in Hong Kong, or which, if those things are on sale over there, they’re very expensive due to import costs.

So I did a big shop in Boots for vitamins, face creams (Clinique and Boots No 7), Colgate toothpaste (we have a far bigger range) and more vitamins (my suitcase did rattle a bit on the outgoing journey!). Also bought things such as Jaffa Cakes, Typhoo teabags, Cornish Wafers and some ‘old school’ sweets, eg Sherbet Dib Dabs and Lovehearts! I have a big family so pretty much x4 for all the above!

These purchases (for which some of the money was paid back but I didn’t insist) had some impact on my savings this month.

I managed to save 43.4% – better than last month but still short of my target.

Anyway, here’s what I saved (I’ve used today’s date as I’m unlikely to be saving any more this month):

This month has been boosted by £15.01 from selling some books and CDs on WeBuyBooks.co.uk, £5 from SwagBucks and £175 rental income.

I have two big nights out on the town planned next month (one of them for my birthday) – going to have to try to be super frugal in between, so shopping for new outfits isn’t on the agenda!

I actually have some cash sitting in my Share ISA, since a minimum of £250 is required to invest in funds (with my platform). I was getting a bit twitchy and stressed about it, trying to figure out where I could get the extra to make up the £250 so that the money isn’t just lying in the account going to waste.

But is it actually ‘going to waste’?

Having read and digested a lot of info from various financial blogs, websites, articles etc, I have had the fear of the financial god put in me that markets can shift so dramatically in even just one day that if my money isn’t invested, I end up losing out, so I need to make sure it’s invested or else it’s a big FAIL!

Reading this post here put things in a little more perspective, as it calmly points out that there is no ‘rule’ as such that money MUST be invested in the markets at all times. Granted that your money has the potential to earn while it’s invested but the world (my world) certainly won’t fall apart if it’s left uninvested for a short while, especially such a small amount.

So I’m just going to continue doing what feels right for me, investing small amounts on a regular basis, topping up when I have a little extra.

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6 thoughts on “May 2014 Savings and other stuff”

Hi DBCThanks for stopping by and thanks for your support. You have it worked out, getting debt free first. At one point, I made the mistake of trying to save and invest while I was still in debt (Confused? I certainly was!) which certainly didn't help the debt situation and I ended up losing all my savings in the end to pay off the debt, which I should have done in the first place – I had no focus or planning! When I finally cleared my debts, I just started from scratch and it's just starting to build up now.

Hi MrsFFThanks for your support. Yes, I'm heading in the right direction, but not quite hitting my 50% target savings – not sure I can next month but I'll try!

There is so much info out there about investing, it's hard to weed out what you should follow! Well, at least there're two of us investing little and often, which I think is somewhere in the middle of all that advice!

Great progress, well done! You're absolutely right, 43% is definitely in the right direction. There aren't many people in the UK managing that. That 50% saving rate is becoming more and more realistic for you now.I'm glad you've stopped twitching and stressing about having money sitting around. There is no immediate rush. I think it's better that you miss out on days or weeks of interest in order to make the right investment choice, rather than rushing into a decision you're unsure of.

Thank Huw. The 50% goal is nearly there but I have some tough months coming up, which may turn my finances a bit upside down.

Hmmm speaking of rushing into decisions, the money didn't stay long in my account…I ended up making a rather impulsive decision, when perhaps I should have waited (in fact, waited til I got home!). I'll post more details shortly!

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Disclaimer

This blog documents and tracks my own personal savings, investments and goals, based on Excel spreadsheets which I cobbled together without any professional financial advice nor with any real financial expertise, bar what I've learnt from the internet and newspapers.
I therefore heartily recommend that people do NOT follow or copy any of my decisions on this blog and if they choose to do so without consulting a financial advisor, they do so at their own risk. I shall not be held responsible or liable should anyone choose to ignore the above recommendation.
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Happy saving and investing!